Crypto exchange OKX receives in-principle approval for Singapore payments licence
The logo of OKX cryptocurrency exchange is seen at Hong Kong Web3 Festival, in Hong Kong, China April 13, 2023.
PHOTO: Reuters file
PUBLISHED ONMarch 13, 2024 9:18 AM
SINGAPORE — Cryptocurrency exchange OKX's Singapore subsidiary has received in-principle approval for a payments licence to operate in the city-state, the firm said on Wednesday (March 13).
The approval, granted by the Monetary Authority of Singapore, will allow OKX to provide digital payment token and cross-border money transfer services in Singapore, which has emerged as a centre for crypto in Asia in recent years.
OKX President Hong Fang said the Southeast Asian country is a "priority market" for the firm.
The move comes amid a crypto frenzy that has catapulted bitcoin to record highs, fuelled by investors pouring money into US spot exchange-traded crypto products as well as the prospect that global interest rates may fall.
OKX had in January been granted a regulatory licence in Dubai, allowing it to offer crypto services to retail clients.